煙草在線據《雅加達郵報》報道編譯　　截至今年9月的第三季度，印尼的各個上市卷煙制造商的總收入和利潤都比去年同期有小幅增長及高度增長，但本圖國際投資公司（RMBA）除外，這家公司的季度虧損額同比增長三倍之多。

　　盡管收入提高了，但大多數卷煙制造商的利潤空間都因運營成本上漲而下降。

　　今年第三季度，三寶麟公司（HMSP）的總收入達54.7萬億盧比，比去年同期48.5萬億盧比的總收入增長12.8%。

　　但與去年同期相比，該公司2013年前9個月的利潤并未取得增長，因為凈收入僅為7.58萬億盧比，即僅比去年第三季度的7.47萬億盧比增長1.4%。

　　印尼資產最大的上市卷煙公司鹽倉集團（GGRM），在第三季度的總收入為40萬億盧比，同比小幅增長12.4%。

　　總收入增長的同時，年度凈利潤也小幅增長7.6%，第三季度的凈利潤達3.2萬億盧比。

　　另一方面，截至今年9月的第三季度，本圖國際公司的虧損額達6611.5億盧比，比去年同期1525.5億盧比的虧損額多三倍之多，盡管總收入同比增長了18.06%，從去年同期的7.43萬億盧比增至今年的8.76萬億盧比。

　　上周（10.27-11.2），在印尼證交所（IDX）網站上公布的一份聲明中，本圖國際公司的公司秘書Jusuf Salman把公司第三季度的虧損額歸因于“對支持公司的長期發展非常重要的投資和銷售”。

　　在其它煙草公司報告第三季度的業績出現下滑時，Wismilak國際制造公司（WIIM）——于去年12月在印尼證交所首次上市——的利潤卻增長了一倍，從去年同期的540.2億盧比增至今年的1109億盧比。該公司第三季度的總收入為1.9萬億盧比，比去年同期的7412.1億盧比增長了60.86%。

　　信托證券分析師Reza Priyambada說，與三寶麟公司和鹽倉集團等較大的煙草公司相比，Wismilak的業績增長是相當顯著的。

　　Reza說，卷煙公司在今年第三季度的凈利潤空間下降實際上是可以預期的，因為這些公司必須承擔因煙草消費稅上漲而日益增長的成本，以及因天氣原因和最低工資調整而快速上漲的煙草價格。

　　印尼政府把2013年的煙草消費稅率提高了8.5%。不過，印尼政府取消了明年提高煙草消費稅的計劃，以減弱各地區把煙草消費稅提高10%的影響。

Indonesia: Cigarette Firms See Declining Margins in Q3

　　The country's publicly listed cigarette manufacturers saw modest to high increases in year-on-year revenues and profits up to September, except for PT Bentoel International Investama (RMBA), which recorded up to threefold in losses in its quarterly balance.

　　Despite generating higher income, however, most of the cigarette manufacturers saw declining profit margins due to higher operational costs.

　　PT HM Sampoerna (HMSP) recorded Rp 54.7 trillion in revenue in the third quarter of this year, or up 12.8 percent compared to Rp 48.5 trillion last year.

　　However, the company's profits stayed flat in the first nine months of 2013 compared to the same period last year, as it only booked a net income of Rp 7.58 trillion or up only 1.4 percent up compared to Rp 7.47 trillion in the third quarter last year.

　　The country's biggest publicly listed cigarette company by assets, PT Gudang Garam (GGRM), saw modest year-on-year growth of 12.4 percent in revenue, which reached Rp 40 trillion in the third quarter.

　　The revenue rise was coupled with a slight annual increase of 7.6 percent in net profit, which touched Rp 3.2 trillion in the third quarter.

　　PT Bentoel International, on the other hand, bagged a threefold loss to Rp 661.15 billion up to September this year compared to Rp 152.55 billion in the third quarter of 2012, despite recording a 18.06 increase in revenue from Rp 7.43 trillion last year to Rp 8.76 trillion this year.

　　In a statement posted on the Indonesia Stock Exchange (IDX) website last week, Bentoel International corporate secretary Jusuf Salman attributed the loss to "investments and sales that are significant to supporting the company's long-term growth".

　　While other companies saw slowdowns in their third quarter reports, PT Wismilak Inti Makmur (WIIM) — which debuted on the IDX in December last year — saw its profits double from Rp 54.02 billion last year to Rp 110.9 billion this year. It gained a total of Rp 1.9 trillion in revenues, up 60.86 percent compared to Rp 741.21 billion in the same period last year.

　　Trust Securities analyst Reza Priyambada said Wismilak saw significant increases compared to bigger companies such as Sampoerna and Gudang Garam.

　　Reza said that the cigarette firm's declining net profit margins in the third quarter of this year were indeed predictable, as the company had to bear rising costs due to the tobacco-excise increase, surging prices of tobacco due to weather disturbances and minimum wage adjustments.

　　The government increased the tobacco excise tax by 8.5 percent for 2013. The government, however, cancelled plans to hike the excise tax next year to minimize the effects of a 10 percent tax increase that regions will impose. Enditem